Ingram v. Kasey's Associates

Henry Ingram appeals from an adverse judgment on his claim for specific performance arising from his attempt to exercise an option to purchase contained within a long-term lease. We reverse and remand.

I. FACTS

On March 1, 1984, Ingram agreed to lease property for ten years from Kasey’s Associates, Ltd. (Kasey’s). The lease provided for an option to purchase with the rental payments applied to the purchase price if Ingram exercised the option. An amortization schedule was attached to the lease. The option provision in the lease reads as follows:

2. OPTION TO PURCHASE

LESSEE shall have the right…